IQPlus - Fitch Ratings has assigned ratings to Indonesia-based PT BCA Finance's (BCAF; AAA(ind)/Stable) proposed rupiah senior unsecured bonds as follows:

- Bonds with maturity of three and four years assigned National Long-Term (LT) Rating of 'AAA(idn)'; and

- Bond with maturity of 370 days assigned National Short-Term (ST) Rating of 'F1+(idn)'.

The bond issue will be up to IDR500bn in size and the proceeds will be used to support the company's business growth. It is the third tranche to be issued this year under the company's bond programme I.

'AAA' National Ratings denote the highest rating assigned by Fitch on its national rating scale for that country. This rating is assigned to issuers or obligations with the lowest expectation of default risk relative to all other issuers or obligations in the same country.

'F1' National Ratings indicate the strongest capacity for timely payment of financial commitments relative to other issuers or obligations in the same country. On Fitch's National Rating scale, this rating is assigned to the lowest default risk relative to others in the same country. Where the liquidity profile is particularly strong, a "+" is added to the assigned rating.

The bonds are rated at the same level as BCAF's National LT and ST Ratings as they constitute direct, unsubordinated and senior unsecured obligations of the company and rank equally with all other unsecured and unsubordinated obligations.

BCAF's ratings reflect Fitch's expectation of a high propensity of support from parent, PT Bank Central Asia Tbk (BCA), in times of need. The ratings also take into account BCAF's importance to its parent as a core subsidiary to support BCA's business expansion in Indonesia's consumer financing market. As an integral part of BCA's consumer business chain, BCAF has an important role in managing BCA's entire portfolio of vehicle loans. BCA's support is manifested in the common brand name it shares with BCAF, the provision of funding and operational alignment. Fitch expects that BCA will continue to support BCAF in case of need.